​Many people wonder if Social Security will be there or not when they are about to retire. As a trusted advisor I can’t tell you for sure, I don’t have the crystal ball we all wish we had, however I can tell you I do believe it will be there for you. I can’t imagine any politician would go ahead and cut out our social security we had paid in. They may change the plan for future income earners however for those of us, especially those of us who had paid in social security for many years, I feel confident we can include it in our retirement planning.

Social Security plays an especially important role in providing security for us women. Over the past 10 years, *“more women work, pay Social Security taxes, and earn credit toward monthly retirement income than at any other time in our nation’s history.” These days, as women we face many more challenges than our parents or grandparents did.

*”We tend to live longer than men. A woman who is 65 years old today can expect to live, on average, until about 87, while a 65-year-old man can expect to live, on average, until about 84”; We are certainly living longer than previous generations and this could pose a few problems if we hadn’t saved properly. Do we have enough for long term care and in home assistance? Did we set aside enough to have a steady income? Social Security certainly helps but will it be enough?

Since many companies no longer offer pensions, we may reach retirement with less to work with. Are you prepared for taxes due on any withdrawals you make? Is there a strategy in place to help with that?

Social Security offers a simplified level of protection to all women. As you likely realize, when you work, you pay taxes into the Social Security system, providing for your own benefits. In addition, your spouse’s earnings can give you Social Security coverage as well. Women who don’t work are often covered through their spouses’ work. Did you know when a spouse retires, becomes disabled, or dies, women can receive their spouses benefits?

You can get a social security statement online. This is a helpful tool to help you plan a secure financial future, and I recommend that you look at it each year. You can discover how much you will be receiving. Your statement provides a record of your earnings and equally as important, you can also check for errors that may show up. On occasion a particular year could show the wrong amount you earned in that year.

Additional important facts you should know. *”If your spouse dies, you can get widow’s benefits if you’re age 60 or older. If you have a disability, you can get widow’s benefits as early as age 50. Your benefit amount will depend on your age and on the amount your deceased spouse was entitled to at the time of his or her death. If your spouse was already receiving reduced benefits, your survivor benefit will be based on that amount.”

*”You may be eligible for widow’s benefits and Medicare before age 65 if you have a disability and are entitled to benefits. You also may be eligible for benefits if you are caring for a child who is younger than 16.”

Finally, here is the website information so that you could register and check your statements. www.ssa.gov

When I work with my clients, I always ask if they wish to include their social security benefits as part of their plan. Most often we do, if not, any social security benefits could be looked at as “icing on the cake”. It’s up to you as to how you wish to look at it.